South Korea reinstated Japan to its preferred trade partner list on Monday, three years after both countries downgraded each other’s trade status amid diplomatic tensions over historical issues.
South Korea Monday reinstated Japan on the list of preferential trade partners as the two countries move to improve their bilateral partnership after three years of frosty business ties.
The Ministry of Trade, Industry, and Energy said the move would allow South Korean companies that export strategic goods to Japan to undergo simplified review and control procedures.
South Korea removed Japan from the list in 2019 after Tokyo approved an export boycott of products for making screens and semiconductors – the country’s main export.
It was in response to a South Korean Supreme Court decision to demand compensation from Japanese companies that enslaved Koreans during World War II.
However, last month the two countries agreed to work toward improving bilateral security and economic ties after President Yoon Suk-yeol announced plans to use South Korean funds to compensate the forced laborers without requiring Japanese contributions.
Yoon traveled to Tokyo in March to meet with Japanese Prime Minster Fumio Kishida.
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